Fort Lauderdale-Based Startup Raises Funds to Expand into New Markets
SpeedETab, Inc., a Fort Lauderdale-based mobile ordering and mobile payment startup, today announced $650,000 in seed round financing from AVenture Capital. The funding will accelerate the company’s expansion into new markets, beginning with New York this spring, and expand the company’s enterprise offerings.
Focused on streamlining the in-store ordering experience, SpeedETab brings mobile ordering, mobile payment, and analytic tools to hospitality merchants of all sizes. After launching in March 2015, SpeedETab now partners with nearly 100 locations across South Florida, from coffee and fast casual restaurants to hotels and performing arts centers.
“In hospitality, where speed, efficiency, and guest experience are critical to success, SpeedETab provides merchants tools that are intuitive, easy to use, and affordable,” said Ed Gilmore, SpeedETab co-founder and CTO. “SpeedETab is focused on making mobile ordering and mobile payment easy for everyone.”
SpeedETab’s merchant tools range from its centralized mobile ordering platform to an intuitive point of sale that identifies customers by face and name. Merchants are able to view real-time sales and customer data from any device, as well as update and customize their natively mobile menu at any time. Since inception, SpeedETab has also built integrations with Apple Pay, Uber, Epson, QuickBooks and other major partners.
AVenture Capital’s founder and managing partner, Kris Singh, is a seasoned private investor with more than 15 years of venture capital, private equity, and operating experience. “SpeedETab and its founders have the technological innovation and vision required to be a leader in the sector,” Singh stated. “We have been fortunate to invest in many successful tech companies from angel to pre-IPO stages through the years. I am extremely excited to have found SpeedETab in the most organic way; I fell in love with the SpeedETab app after learning about it and using it at local restaurants in Miami Beach.”
Mr. Singh’s venture capital investment philosophy is to initiate and support management-led efforts to build long-term value through the adoption of innovations, development of new products, expansion of markets and continued optimization of cost structures.
“We’re excited to have a strong strategic investment partner in AVenture Capital,” said Adam Garfield, SpeedETab co-founder and CEO. “They truly believe in our team and product and have the experience and capital to grow with us as we scale.”
SpeedETab is making mobile ordering and mobile payments easy for everyone. The SpeedETab suite of software helps businesses increase revenue and offer a superior guest experience. The SpeedETab point-of-sale system allows businesses to accept mobile orders and mobile payments, share menu and location information, and understand analytics. The SpeedETab app, available for iPhone and Android, is the most seamless way to order and pay, enabling individuals to order and pay at their favorite businesses, discover new businesses, view menu listings, and save store receipts. SpeedETab was founded in 2013, and is headquartered in Fort Lauderdale, FL. More information is available at www.speedetab.com.
About AVenture Capital
AVenture Capital is a global multi-family office, operating as a private investment company and independent investment advisor. As a diversified investor, AVenture Capital is active in the asset management, technology, financial services, media/communications, automotive, healthcare and materials sectors. In addition, AVenture Capital’s real estate and multi-family office securities division pursues opportunities in global commercial, residential, retail and developed-land properties.